Weight Watchers Q2 Profit Down, Appoints James Chambers As CEO

(RTTNews) - Weight Watchers International, Inc. (WTW) Thursday reported second-quarter net income of $64.9 million or $1.5 per share, compared to $77.5 million or $1.36 per share last year.

Adjusted net income for the quarter was $78.3 million or $1.39 per share, compared to $77.5 million or $1.36 per share last year. On average, eight analysts polled by Thomson Reuters expected the company to earn $1.10 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter dropped 4 percent to $465.1 million from $484.8 million last year. Analysts estimated revenues of $459.34 million for the quarter.

Looking forward, the company lowered its full year 2013 earnings guidance to a range of between $3.55 and $3.70 per diluted share, from previously range of between $3.60 and $3.90 per share. Analyst currently estimates earnings of $3.70 per share for the year.

Separately, Weight Watchers announced that James Chambers has been appointed President and Chief Executive Officer effective July 30, 2013. He has also been elected to the company's Board of Directors. Chambers succeeds David Kirchhoff who notified the company of his resignation, effective as of July 30, as Chief Executive Officer and a Director of the company to pursue other opportunities.